Trading 212 easy access ISA 5.2% APY and 1% cashback. Too good to be true?

Sea_Shell

Cash ISA - Even though the T&Cs state they'll give "at least" 1 days notice of a reduction in the interest rate,  I wonder how much notice they will give us, in reality.

Will they give more than they HAVE to? 

Time will tell, i guess. 

gravel_2

Despite the FSCS protection on the Cash ISA they are likely still tracking/passing through SONIA/money market returns.

Two likely possibilities:

1. They consider this product really important and decide to give longer notice and they swallow the cost.
2. They simply track SONIA as it changes in line with any BOE reductions.

10_66

charlie12525 said:

slinger2 said:

10_66 said:

slinger2 said:

10_66 said:

gravel_2 said:

That's the Cash ISA launched: https://www.trading212.com/isa?cash-isa=

I think I'll get my other ISA transferred over to this as I drip feed into the S&S ISA. Better rate and likely (hopefully) to continue tracking the SONIA rate.

I've already encountered a couple of oddities with this, one quite perplexing.  My first name for official documents is obviously my given name, however, I always go by a family "pet" name, quite different from my given name.  I had to go on a live chat to query something, and they've picked up, somehow or other, on my pet name!  I haven't mentioned it anywhere during the application process and it's not on any documents I uploaded.  I'm worried now.

The other issue is that I'm trying to arrange a transfer in from YBS, and they'll only permit sort code and account number, and the last time I used those (to somewhere else), the transfer in failed until I used the roll number instead.  Not very promising start, as I can't get any sense out of CS.

Yes. I've the same issue regarding the "roll number" that building societies often use. I can put this in the account number field (it doesn't complain that its not 8 digits) but insists on a sort code too.

I spoke to YBS earlier, I explained what I thought was needed and what trading212 were asking for.  He confirmed only to use roll number with no sort code or account number.  He advised me to let them know they should be looking at TISA which, he said, is something ISA providers use to determine what information is required.  I did try to pass this information on the trading212 CS, but he wasn't interest.  Dunno whether to press on as you have done, or to see if anyone bothers to get back to me.  Not a confident start.

I'm thinking of putting the roll number in the account number field and 00-00-00 in the sort code field (hoping that it'll be ignored) and seeing what happens.

I have 5 YBS accounts. They all have sort code 609204. I would try that.

Yes, all of my YBS accounts have sort codes and account numbers in addition to the roll number, but from personal experience, if you use those, YBS bounce it back as untraceable. When I rang to get confirmation from YBS yesterday, they confirmed this would happen and they will only respond to the roll number.

Sea_Shell

gravel_2 said:

Despite the FSCS protection on the Cash ISA they are likely still tracking/passing through SONIA/money market returns.

Two likely possibilities:

1. They consider this product really important and decide to give longer notice and they swallow the cost.
2. They simply track  SONIA  as it changes in line with any BOE reductions.

Better the devil you know!  

theonenonly

Shopping around for instant access Cash ISA's, and this one has popped.

How safe is Trading 212? 

slinger2

Difficult to say how safe Trading212 is, but your funds in it are protected by the FSCS up to £85k.

masonic

They are profitable thanks to their gambling (CFD) arm. Which is more than can be said for some small providers.

Sea_Shell

To test, I've just requested a withdrawal of £10.    It said this might take up to 3 working days.   We'll see? 

Now, it only gave the option of credit via Debit Card (which is how I made the initial deposit), so I'd be interested to know if this process is quicker, if you've registered you bank details with them, and deposited that way.  

I'm also interested in how much daily movement these SONIA rates are likely to have.   Do they move in big chunks or by 0.25% at a time (for example).    Is it directly linked to the BoE base rate announcements? 

friolento

Superb experience with an ISA transfer-in from Principality into the T212 cash ISA. I requested it around 9pm last night and it had all been done and dusted by 11 am this morning. Top marks for T212 and for Principality.

Note, like YBS, Principality uses 9 digit account numbers and no sort code. T212 accepts a 9 digit account number but also insists on a sort code. I simply gave T212 my 9 digit Principality account number and a random Principality sort code that I had googled.

gravel_2

Still waiting for Skipton transfer to make any progress..